(As of 7:24 am PST)
Markets are struggling to find direction this
morning. A light data calendar has investors
mulling over Friday’s ‘status quo’ jobs report.
Investors have been left wondering when the Fed would begin tapering its
asset purchase program (known as QE3) and what that might mean for markets. That question will persist over the coming
weeks as the Fed gets set for its next policy meeting. Meanwhile, headlines are light to start off
the week. Standard and Poor’s revised
its US credit rating outlook from negative to stable, providing a brief boost
to stock prices in early trading. Gains
were quickly erased as other international headlines were pondered. Disappointing data out of China showed
industrial production slowing in May and trade data was lackluster. In Japan, the Nikkei surged 4.9% after 3
straight days of losses. European
markets were mostly lower as well. Gold
is taking a beating, down more than 2% on the US credit upgrade while oil is up
to nearly $95.50 per barrel. It’s
difficult to tell where markets will settle out today. Expect some volatility throughout the week
with the Fed’s bond buying the focal point of investor’s buy or sell decisions.
No comments:
Post a Comment